Prior to endorsing an approved definitive subdivision plan, the Board shall require that the construction of ways and required improvements therein, infrastructure to provide services and utilities to the subdivision, stormwater management facilities, and similar elements, hereinafter referred to collectively as the "improvements," be assured by means of providing appropriate security.
A. 
The following methods of securing construction of improvements may be utilized by applicants, subject to the Board's acceptance. The Board reserves the right to stipulate the preferred form of security to be provided, based upon prevalent practice, current financial market conditions and the nature and scope of the approved subdivision.
(1) 
By a covenant:
(a) 
To ensure that the orderly disposition of lots within the subdivision are served by properly constructed accessways and improvements, the Board shall generally require of all approved definitive plans the execution and recording of a covenant, on and running with the land, to secure construction of all required improvements. A covenant shall be required of and executed by the applicant, the owner and any mortgagees of record, and recorded with the Registry of Deeds, as well as noted on the plan, whereunder the applicant undertakes not to sell any lot or construct any building until the required improvements necessary to serve that lot or lots have been fully and properly constructed. A deed of any part of the subdivision in violation hereof shall be voidable by the grantee prior to the release of the covenant but not later than three years from the date of such deed.
(b) 
To ensure the completion of accessways and improvements in the event that applicants or subsequent owners fail to do so, the Board may accept any of the following forms of monetary performance guarantee or combination thereof, but may reject any such guarantee if deemed to be insufficient security for the purposes stated herein:
(2) 
By a bond. The applicant may offer an insurance bond or similarly secured instrument, in an amount deemed by the Board to be sufficient to ensure the proper construction of all required improvements serving all lots within the subdivision. The Board may further require a time limit within which the improvements must be completed.
(3) 
By deposit of financial security, in the form of money, a dedicated savings account passbook, or negotiable securities encumbered for these purposes. The financial security shall be provided in an amount deemed by the Board to be sufficient to ensure the proper construction of all required improvements serving all lots within the subdivision. The Board may further require a time limit within which the improvements must be completed.
(4) 
By applicant/lender agreement or letter of credit:
(a) 
The applicant may offer to the Board as a performance guarantee a lending institution agreement or letter of credit, executed after the recording of the first mortgage and covering the premises shown on the plan. Said document shall cover financial advances to be made to the applicant by the lending institution.
(b) 
It shall provide for the retention by the lender of funds sufficient in the opinion of the Board and otherwise due the applicant, to secure the construction of all required improvements, in an amount deemed by the Board to be sufficient to ensure the proper construction of all required improvements. The Board may further require a time limit within which the improvements must be completed. Said document also shall provide for a schedule of disbursements which may be made to the applicant upon completion of various stages of the work, and shall further provide that in the event the work is not completed within the time set forth by the applicant, any funds remaining undisbursed shall be available for completion.
B. 
As provided in MGL c. 41, § 81U, the penalty amount of any financial security described above shall bear a reasonable and direct relationship to the anticipated project cost, adjusted for inflation, necessary to complete the required work. Such amount or amounts shall from time to time be reduced so that the amount secured shall remain in line with the actual costs expected to be incurred for the remaining work to be completed.
A. 
Upon completion of the construction of all required improvements, the applicant shall send by registered mail to the Town Clerk and Board a written statement that said construction, in the opinion of the applicant, is completed. This statement shall contain the address of the applicant and all controlling interests in the property. If the Board, in consultation with appropriate Town of Ayer staff and any consulting advisors, determines that said construction has been fully and properly completed in accordance with the approved plans and rules and regulations, it shall release the interest of the Town of Ayer in all applicable performance guarantees and covenants. If the Board determines that said construction or installation has not been fully and properly completed, it shall specify in a notice sent by registered mail to the applicant and to the Town Clerk the details whereby the construction is deficient, according to approved plans, or fails to comply with its rules and regulations. Failure to take such action within 45 days after the receipt by the Clerk of this statement shall mean that all obligations under the performance guarantee shall cease and terminate. Any monies still held on deposit shall be returned, and any applicable covenants shall become null and void. If this forty-five-day period expires without such action, or without the release and return of the deposit or applicable covenants, the Clerk shall issue a certificate to such effect, which may be recorded.
B. 
Any bond or financial security acting as a performance guarantee for required improvements that is held by the Town due to the applicant's failure to fully and properly complete said improvements may be applied by the Board for the benefit of the Town, as provided in MGL c. 41, § 81Y. The Town may apply such funds to offset the costs of completing the incomplete work. If such proceeds do not exceed $100,000 or whatever sum is applicable by statute at the time, the expenditure may be made without specific appropriation under MGL c. 44, § 53, provided that such expenditure is approved by the Select Board.
As further provided for in MGL c. 41, § 81U, before approval of a definitive plan, the Board shall also, where appropriate and feasible, require the plan to show a park or parks suitably located for playground, recreation, conservation or similar public purposes, provided that such are not unreasonable in area in relation to the area of the land being subdivided, and if so determined, the Board shall by appropriate endorsement on the plan require that no building may be erected on such park or parks for a period of not more than three years without its approval.